Three Rivers Promise Gift Acceptance Policy
Last updated: January 21, 2021
The purpose of this Gift Acceptance Policy statement is to establish a clear understanding of the process for accepting charitable gifts for the Three Rivers Promise (TRP). This Policy has been approved by the Board of Directors of TRP. Gifts will be accepted to fulfill the mission and purposes of TRP. The Board of Directors may elect to appoint a Gift Acceptance Committee (GAC) to oversee the GAP. If established, the GAC is required to report directly to the TRP Board of Directors.
The Gift Acceptance Policy objectives are to encourage gifts to TRP in support of the TRP mission and purposes and to offer the proper recognition and respect to the donor while ensuring that ethical best practices are followed.
B. Gift Acceptance Policy
a. Unrestricted gifts will be readily accepted and appropriately acknowledged, including proper receipt following the IRS guidelines. The following gifts can be accepted without review by the TRP Board of Directors or GAC:
i. Cash or cash equivalents
iii. Marketable Securities
iv. Gifts of unencumbered personal property for use by TRP
v. Life Insurance policies not requiring premiums
b. The Board of Directors or GAC, as deemed by the Board, will review all other gifts. If a clear determination cannot be made about the acceptance of a gift, advice will be sought from legal counsel and other professionals. The following is a list of gifts that require review:
i. Tangible personal property that is not readily marketable
ii. Closely held and S Corporation Stock
iii. Partnership Interests
iv. Accounts receivable (loans, notes, mortgages, etc.)
v. Gifts of intellectual property, mineral reserves, precious metals, and other less common types of assets
vi. Life insurance policies requiring future premium payments by TRP
vii. Gifts of real or personal property that are not specifically designated for program enhancement.
c. Other Review Requirements:
i. Gifts that are donor-restricted will be reviewed by the GAC or Board of Directors and a recommendation made to the full Board as to whether the
restriction precludes acceptance of the gift.
C. Disposition of Gifts
a. All gifts of stock, land, artwork, or other personal property will be liquidated upon receipt, and the proceeds will be immediately invested according to the
D. Other Gift Acceptance Considerations:
a. All non-anonymous donors of gifts valued at $1,000 or more will be recognized in an appropriate manner (personal phone call, holiday letter/card, etc.)
b. If the value of a gift other than cash or marketable securities exceeds $5,000, a donor is required to have a qualified appraisal performed and submitted to the IRS on form 8283. If such gifts are sold within two years of receipt at a price other than the appraised value, Form 8282 must be filed by TRP
c. TRP reserves the right to refuse any gift it believes is not in the best interests